
Hail, Caesars Entertainment: the casino business may or may not be eyeing Atlantic City’s Revel as their acquisition that is newest
We question that the Roman emperor himself kept his name center and front because well as Caesars Entertainment Corporation does these days. And despite continuing to carry the gaming industry’s debt load that is heaviest hovering at the $24 billion mark, buying and building new properties doesn’t appear to be always a issue because of this casino conglomerate.
Lately, they are in talks with Japanese leaders to construct a potential new casino in Osaka just as gaming is legalized in Japan, and now the latest news, in accordance with some insider reports, is they’ve their attention on Atlantic City’s problem youngster casino, Revel.
Could Revel Stay Next on Their List?
Revel officially went into bankruptcy straight back in March 2013; not even 12 months into its once-gloriously touted entrance onto the Atlantic City land gaming that is beleaguered scene. Now anyone interested in snatching the casino up will have under two weeks to submit a bid, and according to Bloomberg, Caesars is not a slam dunk for this acquisition; nor is it even 100 % certain they shall also make a move to do so.
Other contenders are into the mix; those include Orlando-based tricky Rock International, who the New York Post last thirty days reported as being in ‘advanced negotiations’ for the purchase. That was after a decision by Hard Rock to scrap plans to build their very own casino in the New Jersey gambling mecca back 2012; apparently because in a nutshell the casino business is pretty much down for the count for the reason that town. With revenues dipped to a three-decade low in 2013 largely due to competition that is massive surrounding states building something brand new sort of lost its appeal, apparently.
Who knows who to think right here, if the inside scoop at Bloomberg proves correct, Caesars would wind up keeping five Atlantic City gambling enterprises, which is almost half associated with town’s remaining 11 presently in procedure. And that’s not even taking into consideration the Atlantic that is now-closed Club Caesars bought at a fire sale auction for absolutely nothing at the conclusion of 2013.
NJDGE May Force A sale
All this acquisition that is local presence might not sit well, nonetheless, with brand New Jersey’s Division of Gaming Enforcement (DGE), which does not take fondly to just what would essentially amount to some antitrust issues by holding what the DGE identifies as ‘undue economic concentration’ within the town.
Should the Revel purchase become reality, it would push Caesars presence in Atlantic City’s casinos up to 47.2 percent in terms of revenue stocks.
What all of it adds up to in this still very hypothetical situation is that the DGE could actually force Caesars to either sell off or shut down one of its other four extant casinos should they add Revel in their fold. Biggest for that scenario would be either Bally’s or the Showboat, as their moneymakers don’t shake because well as Caesars AC or Harrah’s AC; the latter two are trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a monthly basis.
The casino has nowhere to go but up as for revel. Even pre-opening, investor Morgan Stanley had already chosen to write off close to one billion bucks in debt so they really wouldn’t anymore have to sink to the property’s money-pit construction funding. By the time Revel started its doors in 2012 with a much-touted ‘no smoking anywhere in the casino’ policy all it mostly heard at the slot machines and tables ended up being the sound of silence. Despite spending $2.4 billion on the casino, clients in the somewhat more Atlantic that is blue-collar City evidently don’t feel at home there. And despite later reversing the no smoking dictum and advertising exactly what some later called deceptive ‘free money for play’ to gamblers, the numbers just never truly picked up; for 2013, the casino came in eighth out of (then) 12 for Atlantic City’s general gaming revenue ladder.
Simply how much might Caesars or any bidder, for that matter ante up for Revel if they in fact buy it? No body understands yet. However for both Caesars and Atlantic City, making more cash than they spend might be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless Needs a Site
Foxwoods is still into the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods may have been rejected in Milford, nonetheless they’re not stopping on their fantasy of a Massachusetts casino just yet. As is speculated for some time now, Foxwoods and the town of Fall free online indian dreaming slot machine River are working together to produce a casino proposal that they hope will be able to win certainly one of the three casino licenses available in the state.
Economic Boost for City
The plans had been announced at a press conference recently, in which Mayor William Flanagan and officials from Foxwoods made public their plan to bring a $750 million resort casino to the town. The mayor said that the casino could create as many as 5,000 jobs for the town, which has continued to have problems with an unemployment rate that is far higher than that of Massachusetts as a whole.
In accordance with officials, the casino would feature 140,000 square feet of gaming, along side up to 20 restaurants, a hotel, a convention center and venues for concerts along with other events.
‘We want this to be a destination here in Massachusetts in addition to the Northeast,’ Mayor Flanagan stated.
Foxwoods CEO and president Scott Butera agreed that the casino could be a ‘destination resort,’ saying that major properties such as the one they have prepared are ‘economic engines like nothing else into the global world.’
While Foxwoods was rejected from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We understand it’s the right home for us,’ Butera said.
Locals Support Foxwoods Venture
Neighborhood specialists in the casino industry agree with Butera’s assessment. Professor Clyde Barrow for the University of Massachusetts-Dartmouth says that non-binding votes and polling that is public consistently shown help for a casino into the Fall River area.
‘ Assuming they get a site and can negotiate a bunch contract, I have actually no doubt a casino proposition would pass in Fall River,’ said Barrow.
Getting a web site seems to be the sticking point that is largest in the program at the moment. While Foxwoods includes a rough plan of what they’d like to do in Fall River, they don’t yet have any land to build on yet.
That was a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners whom might potentially be prepared to sell large parcels of land. Foxwoods is reportedly in search of a website of 30 to 70 acres on which to build, using the mayor stating that a waterfront site could be ideal.
Foxwoods ought to be able to move quickly, once the casino firm has already withstood criminal record checks and received a suitability ruling during their campaign to create a casino in Milford.
Foxwoods would now be competing for the casino license available in Southeastern Massachusetts. While the licenses for Western Massachusetts and Greater Boston will be awarded in a matter of months, the Southeastern license ended up being delayed as state regulators allowed the Mashpee Wampanoag tribe to try and gain land on which to create a casino in Taunton. With that procedure apparently stalled, the state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become just the 2nd company to look for a casino in the region, joining KG Urban, which is looking to build a casino in New Bedford.
For Foxwoods, the strange series of events that brought them to Fall River feels like divine intervention.
Nj Legislators Reintroduce International Online Gambling Bill
If new legislation goes through in New Jersey, the Garden State could develop into a global player within the on line gaming universe.
The web gambling market in brand New Jersey may not be pulling in the revenues that are enormous Governor Chris Christie predicted, but overall, the launch has been seen as a success for the state’s casinos. But even since the New Jersey Internet gambling market is in its infancy, some legislators are thinking ahead to how the state could capitalize on legal on the web gambling around the world.
Going Global
A proposal that is new New Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City casinos and their partners who have earned online gambling licenses in their state to supply their games in other regulated jurisdictions since well. That will take nj’s online offerings away from an admittedly large cottage industry and onto a much broader stage, where in actuality the potential earnings for casinos while the state are nearly limitless.
‘This starts up the worldwide market to us, the $30 billion Big Kahuna,’ said Senator Lesniak.
This bill is perhaps not the time that is first Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming sites. The idea was very first floated by Lesniak year that is last before the first internet sites also went real time. Under that version of the legislation, on line gambling businesses from across the world would have been welcomed to New Jersey, potentially switching their state into a worldwide gambling hub. That legislation was later changed to need companies to work specifically out of Atlantic City, and to remove a requirement that online gambling firms help fund the state’s horseracing industry.
Stepping Outside State Lines
The new version of this legislation simplifies those proposals. Under the present plan, nj’s licensed casinos and their online gambling lovers would be permitted to offer their services in other regulated jurisdictions. In place of bringing the entire world of gambling to your state, it allows New Jersey’s on-line casino industry to touch base to the massive worldwide market alternatively.
The bill would also require payment processors become licensed into the way that is same New Jersey’s casinos and their online gambling lovers. This would hopefully solve some associated with the current issues players are having with finance institutions online that is preventing gambling from being processed for the state’s regulated web sites. Many major banking institutions were wary of approving gambling that is online for a number of reasons, including confusion over exactly how state and federal laws communicate on this problem. It is hoped that licensing re payment processors could help ease these concerns.
Lesniak thinks that such legislation would allow New Jersey to reap the maximum benefit from online gambling to its association.
‘[The bill] would put New Jersey at the hub of an international gaming industry that is anticipated to experience rapid growth in the years ahead,’ Lesniak said as he first introduced the bill in November. ‘The plan would assist attract international gaming companies to New Jersey, creating jobs, state income and expansion that is economic.
‘Our company is well placed to make the most of a powerful opportunity to be during the hub of a new company sector with the potential for economic growth and job creation,’ the senator added.
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